[2018-06-07] Bitcoin Hype ‘Has Barely Even Begun,’ Says Blockbid COO

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: BitHodler on July 09, 2018, 07:19:55 PM

Quote from: figmentofmyass on July 09, 2018, 05:47:10 PM

draper's $10k prediction from 2014 was correct. i suspect his new prediction of $250k by 2022 will turn out correct as well.

In other words, you have massively bought at current levels? I don't see why anyone with even a remote believe in Bitcoin to reach the $250,000 mark wouldn't invest at least a large chunk of his fiat net worth in Bitcoin.

i'm heavily invested. but i invest based on my own analysis, not draper's. i've also been buying since early 2013, so i'm not crazy about buying here. if we do another leg down to $2000-$3000, i'll be buying more.

Quote from: XFlowZion on July 09, 2018, 10:26:30 PM

I also trust that Tim Draper guy. He is much more credible than Tom Lee on CNBC.

tom lee reminds me of a child in the backseat of the car, screaming "are we there yet?!" draper knows that patience is a virtue when it comes to markets.

Betwrong

legendary

Activity: 3374

Merit: 2198

I stand with Ukraine.

Quote from: magneto on July 10, 2018, 02:55:13 AM

I wouldn't necessarily say that "hype" is the best word to describe it, because to me, it's not hype that will get us anywhere. It's going to be adoption, especially by real life and online merchants that will drive bitcoin forward.

Maybe "hype" isn't the right word for that, but Bitcoin needs more positive coverage, or promotion even, because many of the online merchants still think it's a fraud and that's why they drag their heels on using it.

Quote from: magneto on July 10, 2018, 02:55:13 AM

In that case, I would agree. Even though a lot of people are calling bitcoin dead or whatnot with the current bear market, I think that if you scope out you'll find that we're still in the early adopter phase. Awareness is growing regarding bitcoin, but not a lot of people are actually using it. The people who are actually using bitcoin are extremely limited.

I absolutely agree with this. It's hard to believe but it's true that less than 0.5% of the world population is using Bitcoin now. According to Bitinfocharts there are 28 million bitcoin wallets that hold more than 0.001 BTC. Even if all those wallets belong to different people, we still have less than 0.5%. And, no, the number of Bitcoin users hasn't dropped lately, it's only growing. We are just still in the early phase.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: BitHodler on July 09, 2018, 07:19:55 PM

Quote from: figmentofmyass on July 09, 2018, 05:47:10 PM

draper's $10k prediction from 2014 was correct. i suspect his new prediction of $250k by 2022 will turn out correct as well.

In other words, you have massively bought at current levels? I don't see why anyone with even a remote believe in Bitcoin to reach the $250,000 mark wouldn't invest at least a large chunk of his fiat net worth in Bitcoin.

Tim Draper is a good guy, some times a bit annoyingly positive, but there is absolutely no harm to spot when you see him explain what Bitcoin is and what he think it is capable of in the coming years.

At least he is and remains pretty consistent with his predictions, where the Fundstrat boys constantly try to ride the latest flow of the market and based on that adjust their opinion and outlook. They are more shine hunters.

It is wrong to invest money just because prediction of one man, even if this is Tim Draper which is precisely predicted price for 2017 three years before. I also belive that his prediction is not unrealistic, it can happen or not. I agree he is one of the most positive person and the big advocates of BTC and blockchain technology, I wish we had more people like him.

Believe someone or not is nothing to do with our money, it would be wrong to invest all you have just in BTC and wait 2022. But to invest some % of money every month in BTC for me personally is clever decision. I see tremendous potential in this technology and I like how Tim Draper thinks - but at the end it is only my decision.

magneto

hero member

Activity: 1666

Merit: 753

I wouldn't necessarily say that "hype" is the best word to describe it, because to me, it's not hype that will get us anywhere. It's going to be adoption, especially by real life and online merchants that will drive bitcoin forward.

In that case, I would agree. Even though a lot of people are calling bitcoin dead or whatnot with the current bear market, I think that if you scope out you'll find that we're still in the early adopter phase. Awareness is growing regarding bitcoin, but not a lot of people are actually using it. The people who are actually using bitcoin are extremely limited.

Hype is just a byproduct of adoption and awareness, and with the institutional investors coming into the market recently, the next bull market could prove to be extremely large. But even then, that does not mean that bitcoin is successful or anything. We need to steer clear of thinking of bitcoin as some kind of money making scheme, but rather look at the properties that it has as a currency.

XFlowZion

full member

Activity: 392

Merit: 100

Quote from: figmentofmyass on July 09, 2018, 05:47:10 PM

Quote from: nutildah on July 09, 2018, 12:54:26 AM

Funny how the people making such outlandish predictions are the ones who stand to gain from a high-priced bitcoin. So far, they've all been wrong. But we'll forget their names after they are definitively wrong and a new batch of proclaimed "analysts" with titles like CEO, COO, etc, will jump into their place.

sapper (the Blockbid COO) didn't make any outlandish predictions. he just said cryptocurrency will become more mainstream over the next few years (i.e. it's not just a bubble).

anyway, gotta give these guys time before declaring them wrong. draper's $10k prediction from 2014 was correct. i suspect his new prediction of $250k by 2022 will turn out correct as well. we may not be at million dollar bitcoins (yet), but most of the early permabulls were all proven correct, in spirit if not with literal price predictions.

I also trust that Tim Draper guy. He is much more credible than Tom Lee on CNBC. The hype on bitcoin started on December and it ended very quicky so I don't know why he has to say those things. His statement is not helpful and will just leave an angry face on any reader.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: figmentofmyass on July 09, 2018, 05:47:10 PM

draper's $10k prediction from 2014 was correct. i suspect his new prediction of $250k by 2022 will turn out correct as well.

In other words, you have massively bought at current levels? I don't see why anyone with even a remote believe in Bitcoin to reach the $250,000 mark wouldn't invest at least a large chunk of his fiat net worth in Bitcoin.

Tim Draper is a good guy, some times a bit annoyingly positive, but there is absolutely no harm to spot when you see him explain what Bitcoin is and what he think it is capable of in the coming years.

At least he is and remains pretty consistent with his predictions, where the Fundstrat boys constantly try to ride the latest flow of the market and based on that adjust their opinion and outlook. They are more shine hunters.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: nutildah on July 09, 2018, 12:54:26 AM

Funny how the people making such outlandish predictions are the ones who stand to gain from a high-priced bitcoin. So far, they've all been wrong. But we'll forget their names after they are definitively wrong and a new batch of proclaimed "analysts" with titles like CEO, COO, etc, will jump into their place.

sapper (the Blockbid COO) didn't make any outlandish predictions. he just said cryptocurrency will become more mainstream over the next few years (i.e. it's not just a bubble).

anyway, gotta give these guys time before declaring them wrong. draper's $10k prediction from 2014 was correct. i suspect his new prediction of $250k by 2022 will turn out correct as well. we may not be at million dollar bitcoins (yet), but most of the early permabulls were all proven correct, in spirit if not with literal price predictions.

MoonJeina

sr. member

Activity: 652

Merit: 250

Make winning bets on sports with Sportsbet.io!

Quote from: BitcoinArsenal on July 07, 2018, 04:00:10 PM

Blockbid COO David Sapper believes the hype surrounding Bitcoin and other cryptocurrencies is just getting started, and will one day permeate our everyday lives.
Full article on Bitcoinist

Just a statement by another bitcoin lover .
This is true that the hype has just began and the world domination is setting to take place now . Maybe in a decade or so ,it will be a very effecient alternative to fiat and payments on daily basis.

Betwrong

legendary

Activity: 3374

Merit: 2198

I stand with Ukraine.

Quote from: FrueGreads on July 07, 2018, 04:29:33 PM

Well, although it was still an interesting reading, I actually thought I would read something different. Maybe more technical, or more exact. He just said what most of bitcoin believer (like me), already think. That bitcoin will eventually have true daily use, and when that happens the real "hype" (I don't think we can really call it that, when it's use is proved) will begin.

I just don't understand the relation with "companies will create their own internal cryptocurrencies" and "bitcoin growth". Bitcoin is suppose to work as a currency, and any kind of internal crypto will have it's own use for each company, so things are not entirely related. Maybe if those coins would be fund with bitcoin, but they could just be funded with fiat, so their success doesn't necessarily mean BTC success.

Actually, I think there is a relation between Bitcoin growth and acceptance of other cryptocurrencies. What we need for wider Bitcoin adoption, which will inevitably lead to rising of its price, is a shift of general public opinion about crypto in general. When people will realize that crypto is good for them, Bitcoin, as a number one crypto coin, will be considered good automatically. Yes, it's possible, although the chances of it are very slim, that Bitcoin will be superseded by a "better" coin from general public's point of view. But this can happen in 50-70 years, not sooner than that, considering how slow the public is in accepting innovations.

Aikidoka

sr. member

Activity: 1078

Merit: 342

Sinbad Mixer: Mix Your BTC Quickly

I believe that the hype which he talked about has started since last year when the bitcoin price had a sharp increase. People back then were hyped about it and started to make future plans. Or perhaps, there was no hype, and it was all made up by the big investors. Either way, no one can be sure whether the hype has already started or not. Added to that, from his point of view, I expect a rise of the cryptocurrency price.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: sindikat on July 08, 2018, 07:42:07 AM

Quote from: Lucius on July 08, 2018, 07:14:32 AM

Quote from: Kakmakr on July 08, 2018, 04:54:06 AM

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. Roll Eyes

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. Grin

This is true, it is hard to expect greater integration of BTC in daily life when so many things are still in some gray zone. Unfortunately, regulations of cryptocurrency goes pretty slowly, at least from perspective those who show interest in this matter. It is not a question can this job can be done much faster., Japan, Germany, Malta and some others countries have shown us that is possible to do that, and they benefit from it. New jobs are being opened, state revenues grow from collected taxes and cryptocurrency is moved from dark or gray zone in something completely legitimate and available to everyone.

My opinion is that the regulation of cryptocurrencies does not help the growth of the popularity of cryptocurrencies. Regulation is aimed at making the asset less profitable and people have lost interest in it. I am against regulation in any form. Unfortunately, many users of cryptocurrencies do not understand this.

You have the right to your opinion, but it's difficult to imagine that states, governments and complete financial system just watch and do nothing with cryptocurrency. BTC is a great invention, but complete anonymity and independence from existing systems is simply impossible.

You say that the regulations will make crypto less profitable and that is true, you will need to share part of your profit in the form of tax, but I do not agree that people will lose interest for cryptocurrency. On the contrary, let's take an example of Germany where regulation is done and you know what can you expect when you work with crypto - citizen of Germany can buy BTC, hold it 1+ year and sell it without paying any tax. If you look just on this example you can see that asset is not less profitable, and people have more interest to invest now then before.

nutildah

legendary

Activity: 3010

Merit: 8114

Funny how the people making such outlandish predictions are the ones who stand to gain from a high-priced bitcoin. So far, they've all been wrong. But we'll forget their names after they are definitively wrong and a new batch of proclaimed "analysts" with titles like CEO, COO, etc, will jump into their place.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: richardsNY on July 07, 2018, 05:33:17 PM

I don't see much hype around Bitcoin -- the shitshow is focusing on everything else.

i think it moves in cycles---back and forth between alts and BTC. i noticed years ago too during bull markets the way BTC and LTC would switch off pumping, profits flowing from one market to another. the way BTC and altcoins interface today is much like sector rotation in stock markets.

there's definitely been plenty of hype for BTC---institutions are beginning to recognize it as an accepted investment class. even jp morgan says it could be the next gold. futures markets, talk of ETFs. lots of 5-6 figure price predictions hanging out there.

it's all relative, though. i'm sure the next wave of adoption/hype (maybe 2019 or 2020?) will blow us all away.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: FrueGreads on July 08, 2018, 04:43:41 AM

Not raising any fud here, and I still think that bitcoin will do just fine in the future, because it has real value, the problem is with the hundreds of altcoins out there. I'm afraid most of them are actually damaging the market, but BTC and a few solid coins out there, should survive this.

If it is indeed damaging, it's only a little bit. People are jumping on altcoin and ICO trains because they believe that they have missed their opportunity to invest in Bitcoin, and altcoin marketers are playing on this sentiment by telling everyone that their coin is destined to become number one. So, this type of investors would probably not invest in Bitcoin if we imagine the situation when there's no alts on the market at all. Also, this flood of coins is just a byproduct of having an unregulated market, and I think it's better than having just Bitcoin and a few alts, but with tons of obstacles for average person.

sindikat

full member

Activity: 364

Merit: 106

Quote from: Lucius on July 08, 2018, 07:14:32 AM

Quote from: Kakmakr on July 08, 2018, 04:54:06 AM

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. Roll Eyes

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. Grin

This is true, it is hard to expect greater integration of BTC in daily life when so many things are still in some gray zone. Unfortunately, regulations of cryptocurrency goes pretty slowly, at least from perspective those who show interest in this matter. It is not a question can this job can be done much faster., Japan, Germany, Malta and some others countries have shown us that is possible to do that, and they benefit from it. New jobs are being opened, state revenues grow from collected taxes and cryptocurrency is moved from dark or gray zone in something completely legitimate and available to everyone.

My opinion is that the regulation of cryptocurrencies does not help the growth of the popularity of cryptocurrencies. Regulation is aimed at making the asset less profitable and people have lost interest in it. I am against regulation in any form. Unfortunately, many users of cryptocurrencies do not understand this.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: hatshepsut93 on July 07, 2018, 07:05:32 PM

it's constantly attacked by hundreds of coins that claim to be number one

I actually like that. Funny thing is that all these coins focus on Bitcoin, and completely disregard other altcoin competitors, which is a real killer in a market like this.

Bitcoin has the first mover advantage, it's the base of everything, people use it as safe haven during altcoin dumps, etc.

Ethereum on the other hand is as vulnerable as any other altcoin, its size doesn't really matter. People constantly make fun of EOS, but I am quite certain that when they get everything up and running (regardless of how scummy and centralized they are), they will outplay Ethereum in every possible way. In that regard I am seriously considering massively shorting Ethereum at the moment EOS gets its shit together.

Another important aspect is that EOS holds billions worth of Ether that they can convert back to EOS at any time, or even dump for BTC or USD.

Interesting times are to be expected.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Kakmakr on July 08, 2018, 04:54:06 AM

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. Roll Eyes

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. Grin

This is true, it is hard to expect greater integration of BTC in daily life when so many things are still in some gray zone. Unfortunately, regulations of cryptocurrency goes pretty slowly, at least from perspective those who show interest in this matter. It is not a question can this job can be done much faster., Japan, Germany, Malta and some others countries have shown us that is possible to do that, and they benefit from it. New jobs are being opened, state revenues grow from collected taxes and cryptocurrency is moved from dark or gray zone in something completely legitimate and available to everyone.

cryptofonia

jr. member

Activity: 111

Merit: 1

You write about Bitcoin:"it has real value" .Actually I agree with you but it's interesting what's exactly your point. I believe that Bitcoin has strong non material value since it plays as harbinger of great economic and financial shift in world order. At the same time I see a big opportunity that Bitcoin may cost just a penny if the demand for it as an object of trade and as a mean of payment goes down that we don't see now, of course, citing the rise in trading volumes at centralized crypto exchanges.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

I want to agree with him on one thing and that is that regulation is always a few years behind new innovative technologies and Bitcoin is one of them. It is difficult for companies to ignore the lack of regulations and to continue accepting Bitcoin as a currency, because they would be moving in a grey area and even possibly breaking the law, by doing that. Roll Eyes

Once Bitcoin is clearly defined by these regulations, we should see a a increase in adoption. Grin

FrueGreads

legendary

Activity: 1582

Merit: 1059

Quote from: hatshepsut93 on July 07, 2018, 07:05:32 PM

To me it looks like there's not that much actual money invested in all those coins and tokens with huge marketcaps, simply because these markets mimic every movement of Bitcoin and because their marketcaps are hugely inflated by having tons of premined coins. So, if all the money from alts would be moved to Bitcoin, the total crypto market cap would be way lower than it is now. Also, for the smaller coins there's even no fiat markets, so there's no way to move the value from them into Bitcoin directly.

Also, I like to think about this market is yet another test for Bitcoin - it's constantly attacked by hundreds of coins that claim to be number one, so when this altcoin bubble will burst, people will realize that Bitcoin was objectively the best coin all along and this should deter them from throwing their money at everything new and flashy.

I think you make two very important points on your post that I usually don't see people talking about. The problem about pre-mined coins, that gives them huge marketcaps with actually no real value, and the absence of real fiat/crypto markets for most of the coins, so price movements doesn't necessarily mean that more money is entering the markets.

Not raising any fud here, and I still think that bitcoin will do just fine in the future, because it has real value, the problem is with the hundreds of altcoins out there. I'm afraid most of them are actually damaging the market, but BTC and a few solid coins out there, should survive this.

felixesteban

member

Activity: 294

Merit: 10

World’s First Decentralized ICO Platform

Bitcoin can't make any kind of attack, it moves far below his performance. The thing is that doesn't give any hope. I wonder, will a new upward trend can start at the end of the year like last year.

IBXNetwork

newbie

Activity: 42

Merit: 0

He Is right. There's no way we will not reach ATH again.. it's obvious we are one day returning to September prices

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: richardsNY on July 07, 2018, 05:33:17 PM

I don't see much hype around Bitcoin -- the shitshow is focusing on everything else. Most of the empty headed gamblers even tend to avoid Bitcoin because it's boring and not rewarding enough. On the other hand, that could be a positive thing if the whole shitshow comes to an end. If coin x is deemed useless and no longer profitable, capital moves to the next coin, and if Bitcoin is one of the few solid coins left, the pool of available options will be scarce and Bitcoin will directly benefit from that. I have significantly decreased my interest in the speculative side of the market and started to focus on the currency aspect, because Bitcoin is money, not a speculative toy....

To me it looks like there's not that much actual money invested in all those coins and tokens with huge marketcaps, simply because these markets mimic every movement of Bitcoin and because their marketcaps are hugely inflated by having tons of premined coins. So, if all the money from alts would be moved to Bitcoin, the total crypto market cap would be way lower than it is now. Also, for the smaller coins there's even no fiat markets, so there's no way to move the value from them into Bitcoin directly.

Also, I like to think about this market is yet another test for Bitcoin - it's constantly attacked by hundreds of coins that claim to be number one, so when this altcoin bubble will burst, people will realize that Bitcoin was objectively the best coin all along and this should deter them from throwing their money at everything new and flashy.

richardsNY

legendary

Activity: 1232

Merit: 1091

I don't see much hype around Bitcoin -- the shitshow is focusing on everything else. Most of the empty headed gamblers even tend to avoid Bitcoin because it's boring and not rewarding enough. On the other hand, that could be a positive thing if the whole shitshow comes to an end. If coin x is deemed useless and no longer profitable, capital moves to the next coin, and if Bitcoin is one of the few solid coins left, the pool of available options will be scarce and Bitcoin will directly benefit from that. I have significantly decreased my interest in the speculative side of the market and started to focus on the currency aspect, because Bitcoin is money, not a speculative toy....

FrueGreads

legendary

Activity: 1582

Merit: 1059

Well, although it was still an interesting reading, I actually thought I would read something different. Maybe more technical, or more exact. He just said what most of bitcoin believer (like me), already think. That bitcoin will eventually have true daily use, and when that happens the real "hype" (I don't think we can really call it that, when it's use is proved) will begin.

I just don't understand the relation with "companies will create their own internal cryptocurrencies" and "bitcoin growth". Bitcoin is suppose to work as a currency, and any kind of internal crypto will have it's own use for each company, so things are not entirely related. Maybe if those coins would be fund with bitcoin, but they could just be funded with fiat, so their success doesn't necessarily mean BTC success.

BitcoinArsenal

hero member

Activity: 924

Merit: 556

Blockbid COO David Sapper believes the hype surrounding Bitcoin and other cryptocurrencies is just getting started, and will one day permeate our everyday lives.
Full article on Bitcoinist

Topic: [2018-06-07] Bitcoin Hype ‘Has Barely Even Begun,’ Says Blockbid COO (Read 172 times)